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OKLAHOMA CITY-Following the completion and lease-up of its 241,460-sf 240 Penn Park, Burk Collins & Co. Inc. has sold the community retail center to Atlanta-based Inland Capital Markets Group Inc. The listing drew 17 other offers, with the deed changing hands for slightly more than $40 million.

Ryan Shore, senior vice president in Dallas for CB Richard Ellis, says the one-year-old center at 1400 W. Interstate 240 is the first large retail development to be built in the southern portion of Oklahoma City in several years. As a result, the infill asset created a stir among interested investors. “This was a good time in the market for Burk Collins to sell,” Shore says. The CBRE team included senior vice president Doug Hazelbaker and sales associate Chris Gerard, both in Dallas, and Mark Inman, first vice president in Oklahoma City.

Shore says the shopping center was under contract within two months of its introduction to market, but a loan assumption dragged out the escrow. Inland Capital Markets, which used in-house representation to close the deal, assumed a 10-year loan with a 5.88% fixed-rate interest. Shore says Inland also offered the best price and a certainty of closing and in return bought a stable asset with a strong income stream.

“Inland has other properties in the market. They own the Best Buy at Quail Springs Mall on the north side,” Shore tells GlobeSt.com. “They’re familiar with the market and know what to expect.”

Situated on 22 acres, 240 Penn Park is 88% leased by national credit tenants including Circuit City, PetSmart, Mardel, Lane Bryant, Michael’s and the area’s first Marshall’s store. Shore says the tenants are on 10-year leases, which commenced in 2006.

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